|By PR Newswire||
|September 24, 2012 06:30 PM EDT||
HONG KONG, Sept. 24, 2012 /CNW/ - SinoTech (Hong Kong) Corporation Limited ("SinoTech") has filed an early warning report dated September 24, 2012 advising of its holdings in Tigray Resources Inc. (the "Company").
SinoTech's two affiliated companies Goldrock Resources Corporation Limited ("Goldrock") and Sino Minerals Corp. ("Sino Minerals") acquired 6,000,000 units (the "Units") of the Company, with each Unit consisting of one common share and one-half of one common share purchase warrant of the Company. SinoTech's affiliated companies acquired the Units by way of private placement at a price of $0.20 per Unit. These securities represent approximately 15.5% of the outstanding common shares of the Company, assuming full exercise of the warrants. Following the acquisition, SinoTech, together with its affiliate companies, Beijing Donia Resources Co., Ltd., Goldrock and Sino Minerals, hold 15,451,754 common shares and 3,750,000 common share purchase warrants of the Company, representing approximately 32.7% of the then outstanding shares of the Company, assuming exercise of the warrants.
SinoTech's affiliated companies acquired the securities for investment purposes and may acquire further securities of the Company in the future.
The Offeror relied on Section 2.10 of National Instrument 45-106 Prospectus and Registration Exemptions in the acquisition of the securities, which exempts the issue of securities by the Company from the prospectus and registration requirements if the purchaser purchases as principal, the security has an acquisition cost to the purchaser of not less than $150,000 paid in cash at the time of the distribution, and the distribution is of a security of a single issuer was relied upon.
A copy of the report filed by SinoTech in connection with this acquisition is available on the SEDAR website at www.sedar.com under the Company's profile or by contacting SinoTech at the number shown above.
SinoTech (Hong Kong) Corporation Limited
per: (signed) "Dr. Jingbin Wang"
Dr. Jingbin Wang, Director
SOURCE SinoTech (Hong Kong) Corporation Limited